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What is meant by “Unlimited Liability of a Partner”?

  • Post category:Accountancy
  • Reading time:1 mins read

SOLUTION

The personal assets of the partner can be utilized for paying firm’s debts.

  


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Previous PostSix friends started a partnership business by investing Rs. 2.00,000 each. They decided to share profit equally. Name the terms by which they will be called individually and collectively.
Next PostThe business of a partnership firm may be carried on by all the partners or any one of them acting for all. One of the important implications of this statement is that every partner is entitled to participate in the conduct of the affairs of its business. State the second important implication of this statement. (C.B.S.E. 2020. Kerala)

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